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(Bloomberg) — Saudi Arabia has appointed Fahad Al-Saif as its new investment minister, putting an official from the kingdom’s sovereign wealth fund at the helm of the entity tasked with drawing more capital to the country.
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Al-Saif, head of investment strategy and global capital finance at the Public Investment Fund, was appointed by royal decree, according to a statement from the state-run Saudi Press Agency on Thursday. He replaces Khalid Al-Falih, who served in the role since 2020.
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It’s unclear what Al-Saif’s appointment means for his roles at the wealth fund or how the PIF may be affected by the announcement. Neither the ministry nor the PIF responded to requests for comment.
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The changes — announced as part of a broader reshuffle that affected dozens of positions — come at a critical time for the kingdom as it reviews its policies and spending priorities amid broader fiscal pressures.
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Both the government and the PIF are expected to soon unveil updated strategies for the next five years in a bid to accelerate Crown Prince Mohammed bin Salman’s agenda to diversify the economy beyond oil.
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The de-facto ruler has also introduced reforms in recent months aimed at hauling in more foreign capital that would help Saudi Arabia compete more effectively with Abu Dhabi and Dubai as an investment hub.
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Al-Saif’s appointment puts him at the center of that initiative, which is seen as increasingly critical as the Gulf nation faces fresh oil-price volatility and investment pressure. Al-Saif has also held roles at the Ministry of Finance and National Debt Management Center.
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Al-Falih, who traveled the world drumming up interest in Saudi investment opportunities during his time as investment minister, will remain in the cabinet as Minister of State. The former chief executive of oil giant Saudi Aramco had also previously served as Saudi Arabia’s Minister of Energy.
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—With assistance from Omar Tamo.
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English (US)